01:05 PM EDT, 03/21/2024 (MT Newswires) -- European stock markets closed higher in Thursday trading as the Stoxx Europe 600 rose 0.90%, the Swiss Market Index gained 0.73%, France's CAC was up 0.22%, the FTSE in London climbed 1.88%, and Germany's DAX closed 0.91% higher.

Business activity in the euro area came close to stabilizing in March, as the HCOB Flash Eurozone Composite PMI Output Index rose to 49.9 from 49.2 in February.

In the UK, the headline seasonally adjusted S&P Global Flash UK PMI Composite Output Index nudged lower to 52.9 in March from 53.0 in February but remained above the 50.0 threshold for the fifth consecutive month, indicating solid output growth.

In France, the Institute for Statistics and Economic Studies reported that the country's business climate improved in March from February. The index that tracks the country's business environment rose to 100 from 98, climbing back to its long-term average for the first time since September.

And in corporate news, shares of British private equity firm 3i Group rose nearly 9% on FTSE in London after it reported Thursday that net sales at its discount store chain Action rose 28% in fiscal year 2023.

German automaker BMW announced Thursday that it is launching an electric sport activity vehicle called the BMW Vision Neue Klasse X. The company said it will begin producing the vehicle in Hungary in 2025. Shares of BMW closed 1.6% lower on the DAX in Frankfurt.

Shares of Siemens Energy were up more than 6% on the DAX after Bloomberg reported that the company is preparing to resume sales of its onshore wind turbines.

Mining stocks rallied in Thursday trading as shares of Anglo American and Antofagasta rose 4.6% and 3.5% respectively on the FTSE, followed by Glencore and Endeavour Mining, which gained 2.8% and 2.3%, while Rio Tinto was up 2.2%. Shares of ArcelorMittal were up 1.3% on the CAC in Paris.

Real estate and homebuilder stocks also trended higher as Berkeley climbed 3.7% in London, followed by Taylor Wimpey and Land Securities, which rose 3.2% each, while Persimmon gained 3.1%. Shares of Vonovia were up 3.3% on the DAX, while Unibail-Rodamco closed 1.9% higher in Paris.